Single family home sales in Marrero rose slightly from January to February, with 31 homes being sold during the month. However, this is still about 25% fewer properties than were sold at the same time last year (41 in Feb 2007).
Because inspections and financing continue to cause many purchase agreements to be canceled, I encourage sellers to make sure their homes are in the best possible condition before putting them on the market.
I also encourage potential buyers to update all of their information with their mortgage professional – many programs have changed or been discontinued and an approval received more than 30 days ago may no longer be valid.
- Pending sales as of 3/4/2008: 78
- Currently active listings in Marrero: 281
- Low listing price: $49,900
- High listing price: $1,600,000
Average sale prices in Marrero climbed for the 3rd month straight, ending at $159,348 in February, only slightly below the 2007 average of $162,616. While you can see from the graph below that the numbers jump up and down from month to month, overall home sale prices are holding fairly steady.
This is good news, but the reality is that with 281 listings on the market, at the current rate of approximately 30 homes selling per month, it will take almost 10 months to absorb the current inventory if no more houses come on the market. The continued oversupply of inventory makes most of Marrero a buyer’s market at this time.
Information compiled from the Gulf South Real Estate Information Network and is deemed reliable, but not guaranteed.
These reports are intended to provide a broad overview of the Marrero real estate market. If you would like a more in-depth report of the housing market in your neighborhood, please contact me at lisa@lisaheindelsells.com. Your personalized report will be delivered by email within 48 hours.
When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.
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Copyright 2008. Lisa Heindel, All rights reserved.
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